10:40 am, October 1, 2024
Group 1 Automotive has completed a deal to purchase Soper BMW Lincoln on the same day it finally confirmed the appointment of Mark Raban as its new CEO in the UK.
Car Dealer reported in August that Raban was to take over the combined Inchcape and Group 1 Automotive UK business, with the man himself confirming the appointment to us over the summer.
Now, Group 1 has rubber stamped his arrival and the former Lookers boss will take up his new post with immediate effect.
The position will see Raban focus on enhancing customer experience and reinforcing Group 1’s OEM partnerships, as well as ‘leveraging the company’s expanded brand portfolio and presence’.
Far from easing their new boss into the job, Group 1 has today announced the acquisition of a BMW and Mini site in Lincoln, from rival dealer group Sopers.
Directors in the States believe the latest deal will add an additional $125m (£94m) to its annual income in the UK.
Daryl Kenningham, Group 1’s president and CEO, said: ‘We want to welcome our new teammates from Soper of Lincoln to the Group 1 family and are delighted to expand our operations with these great brands.
‘Our strong relationship with the manufacturer and our experience in this market area make this a terrific addition to our UK operations.’
Speaking about the appointment of Raban, Kenningham added: ‘Mark is a proven leader with a history of success in the UK motor trade.
‘Following the transformative growth of our UK business, he will be instrumental in creating a high-performing culture among our team members and engaging customers across our expanded dealership network.’
Raban took the helm as Lookers CEO in early 2020 and steered the company through the Covid-19 period and onto its eventual acquisition by Global Auto Holdings.
He stood down at the end of December 2023, and was replaced by ex-Inchcape boss James Brearley in July.
Before joining Lookers, he served as CFO of Marshall Motor Holdings and held senior finance roles at companies such as Inchcape, Selfridges, and Borders.
Speaking ahead of his first day, Raban said: ‘I am excited to join the accomplished team at Group 1 during a pivotal moment for the organisation and look forward to empowering our teams throughout the country.
‘By harnessing our combined strengths, we can drive operational excellence and customer-centric innovation. We have an opportunity to set the highest standard for automotive retailing in the UK.’
